Category Entrepeneur Articles

Mar 15 2011

Lessons from Entrepreneurs Who Beat the Odds

Most businesses don’t last more than a few years. Meet three scrappy entrepreneurs who describe how they reached three-, five-, and 10-year benchmarks

The statistics surrounding the survival rate for small businesses have long been subject to fervid debate. Depending on who you’re talking to, the predicted life span for a startup can elicit grim to cautiously optimistic responses. One commonly cited figure is that half of all businesses go under in the first year while 95% fail within the first five years. According to a study done by the Small Business Administration, two-thirds of all new small business survive the first two years but only 44% will still be operating by year four.

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Mar 11 2011

Young and in Charge

Young entrepreneurs can earn client trust and establish credibility.

Even if you’re a young college entrepreneur at the top of your game, you probably still need to persuade potential clients to look beyond your age and give you a chance. When your company deals with highly technical information or requires specialized knowledge, it can be that much harder to get potential customers to trust you.

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Mar 11 2011

Boot Camps for Entrepreneurs

These programs can provide you with the tools you’ll need before seeking out investors for your startup.

If you’re a first-time entrepreneur with a business idea, you probably need to do a lot of research and planning before you’re able to persuade anyone — banks, angels, friends or family members — to give you funding.

Startup boot camps can help. Their sole purpose is to teach you how to write a business plan and to take hard look at your financial needs and prospects. It’s also a chance to address the shortcomings in your idea and develop answers to the tough questions anyone would ask before handing you money. These programs may take place over a weekend, several weeks or even a few months.

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Mar 11 2011

Richard Branson on Winning Customers’ Trust

The British billionaire on how his publicity stunts helped build the Virgin brand.

Editor’s Note: Entrepreneur Richard Branson regularly shares his business experience and advice with readers. What follows is the latest edited round of insightful responses. Ask him a question and your query might be the inspiration for a future column.

Q: I recently became my own boss, joining forces with my brother, who has an established operation. I am very much enjoying this experience, but the challenges of finding ways to draw attention to our business and earn customers’ trust are extremely tough.

Drawing a distinction between a businessman (who usually has money as his goal) and an entrepreneur (whose goal is to create), if you had to choose one element, or perhaps strategy, that defined your success as an entrepreneur, what would it be? — Randall De Freitas, Trinidad & Tobago

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Mar 11 2011

Ready, Set, Launch

Five steps for getting your business up and running successfully.

If you’re reading this, it means you’re interested about starting a business. Now it’s time to focus your entrepreneurial spirit using the following five steps.

1. Look for that “aha” moment
Sometimes the inspiration for business ventures comes from what’s around you–or from what isn’t. Take Entrepreneur magazine’s home base of Irvine, Calif. The lack of fast-food restaurants in the business area meant treks across town for lunch, prompting two young men to ponder, “Wouldn’t it be great if we could get some good food delivered?”

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Mar 10 2011

The World’s Billionaires

It’s been a tough year for the richest people in the world. Last year there were 1,125 billionaires. This year there are just 793 people rich enough to make our list.

The world has become a wealth wasteland. Like the rest of us, the richest people in the world have endured a financial disaster over the past year. Today there are 793 people on our list of the World’s Billionaires, a 30% decline from a year ago.

Of the 1,125 billionaires who made last year’s ranking, 373 fell off the list–355 from declining fortunes and 18 who died. There are 38 newcomers, plus three moguls who returned to the list after regaining their 10-figure fortunes. It is the first time since 2003 that the world has had a net loss in the number of billionaires.

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Feb 24 2011

How Great Entrepreneurs Think

What distinguishes great entrepreneurs? Discussions of entrepreneurial psychology typically focus on creativity, tolerance for risk, and the desire for achievement—enviable traits that, unfortunately, are not very teachable. So Saras Sarasvathy, a professor at the University of Virginia’s Darden School of Business, set out to determine how expert entrepreneurs think, with the goal of transferring that knowledge to aspiring founders. While still a graduate student at Carnegie Mellon, Sarasvathy—with the guidance of her thesis supervisor, the Nobel laureate Herbert Simon—embarked on an audacious project: to eavesdrop on the thinking of the country’s most successful entrepreneurs as they grappled with business problems. She required that her subjects have at least 15 years of entrepreneurial experience, have started multiple companies—both successes and failures—and have taken at least one company public.

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